{"id":577238,"date":"2022-11-15T04:00:39","date_gmt":"2022-11-15T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/"},"modified":"2022-11-15T04:00:39","modified_gmt":"2022-11-15T04:00:39","slug":"its-lift-off-for-the-expat-car-for-fx-scheme","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/","title":{"rendered":"It\u2019s lift-off for the expat car-for-FX scheme"},"content":{"rendered":"

<\/a> Cabinet is out with the rules and regulations for the <\/strong>expat car import<\/a><\/strong>scheme<\/a><\/strong>:<\/strong> The Madbouly government launches incentives to get Egyptian expats to import cars with foreign-currency today, and yesterday released details of the rules and regulations for the scheme, according to two separate statements (here<\/a> and here<\/a>). The rules were published yesterday in the Official Gazette, triggering the start of the scheme, which President Abdel Fattah El Sisi signed into law<\/a> at the end of last month.<\/p>\n

How it works: <\/strong>The government will go live with an app dubbed \u201cSayarat masryeen bel khareg\u201d (Egyptian Cars from Abroad) \u2014 which doesn\u2019t appear to have landed on app stores just yet \u2014 which will automatically calculate the required USD payment for expats based on the car model they choose to import. Participants in the scheme will then need to pay the dues \u2014 which include customs fees, VAT, schedule tax, and development fees \u2014 in USD to a National Bank of Egypt account set up by the government before 28 February 2023. They should then submit proof of payment on the app, after which they will receive a letter approving the car import within a week. The rules also clarify that expats need only carry a residency permit abroad or a non-Egyptian passport to be eligible.<\/p>\n

REFRESHER- <\/strong>Under the law, expats will be able to bring cars into Egypt<\/a>, paying customs fees, VAT, and other taxes upfront in FX. They will then receive a full rebate on the dues in five years\u2019 time \u2014 paid in EGP at the USD-EGP exchange rate at that time and without interest. This comes as the state works to boost FX inflows into the country.<\/p>\n

Course correction: <\/strong>The government had originally said the scheme will pave the way for 300k-500k cars being imported<\/a>, drawing USD 2.5 bn in foreign currency in the process, but industry players we spoke with are skeptical, saying local demand for imported vehicles sits at around 120k a year. Officials started walking back the 300k-500k car estimate in appearances on Last Night\u2019s Talk Shows (below).<\/p>\n","protected":false},"excerpt":{"rendered":"

Cabinet is out with the rules and regulations for the expat car importscheme: The Madbouly government launches incentives to get Egyptian expats to import cars with foreign-currency today, and yesterday released details of the rules and regulations for the scheme, according to two separate statements (here and here). The rules were published yesterday in the […]<\/p>\n","protected":false},"author":1,"featured_media":577239,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7339],"tags":[144,72,6382,2234,6383,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-automotive","tag-enterpriseam","tag-expat-car-import-scheme","tag-foreign-exchange","tag-ministry-of-finance","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"d46b1f72-d632-41ab-bab8-364dacf0db4a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/234.jpg","photo_position":"above","related_issue":[577234],"teaser":"","voice_url":""},"yoast_head":"\nIt\u2019s lift-off for the expat car-for-FX scheme - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s lift-off for the expat car-for-FX scheme\" \/>\n<meta property=\"og:description\" content=\"Cabinet is out with the rules and regulations for the expat car importscheme: The Madbouly government launches incentives to get Egyptian expats to import cars with foreign-currency today, and yesterday released details of the rules and regulations for the scheme, according to two separate statements (here and here). The rules were published yesterday in the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-15T04:00:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/234.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"It\u2019s lift-off for the expat car-for-FX scheme\",\"datePublished\":\"2022-11-15T04:00:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\"},\"wordCount\":349,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/234.jpg?fit=%2C&ssl=1\",\"keywords\":[\"automotive\",\"EnterpriseAM\",\"expat car import scheme\",\"foreign exchange\",\"Ministry of Finance\",\"National Bank of Egypt\"],\"articleSection\":[\"Automotive\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\",\"name\":\"It\u2019s lift-off for the expat car-for-FX scheme - 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Under the amendments, the scheme will be extended for another two months\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/House1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581987,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/28\/mps-give-initial-approval-to-extending-expat-car-import-scheme-for-2-months\/","url_meta":{"origin":577238,"position":1},"title":"MPs give initial approval to extending expat car import scheme for 2 months","author":"enterpriseam admin","date":"28 February 2023","format":false,"excerpt":"House gives initial nod to expat car import scheme extension: MPs have given preliminary approval to a proposal to extend the government\u2019s expat car import scheme by two months amid low participation. The program was set to expire in mid-March but will now end on 12 May if the amendments\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/parliament-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581544,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/expat-car-for-fx-scheme-likely-to-be-extended-again-amid-low-turnout\/","url_meta":{"origin":577238,"position":2},"title":"Expat car-for-FX scheme likely to be extended again amid low turnout","author":"enterpriseam admin","date":"15 February 2023","format":false,"excerpt":"The scheme allows expats to bring cars into Egypt","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581159,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/govt-approves-two-month-extension-to-expat-car-import-scheme\/","url_meta":{"origin":577238,"position":3},"title":"Gov\u2019t approves two-month extension to expat car import scheme","author":"enterpriseam admin","date":"21 February 2023","format":false,"excerpt":"The scheme has so far failed to gain traction among Egyptians abroad","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/cars-ports-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577535,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/27\/last-nights-talk-shows-20k-expats-register-on-car-import-scheme-app\/","url_meta":{"origin":577238,"position":4},"title":"Last Night\u2019s Talk Shows: 20k expats register on car import scheme app","author":"enterpriseam admin","date":"27 November 2022","format":false,"excerpt":"It was a mixed bag on the talk shows yesterday, with the talking heads focusing on the expat car import scheme, the USD-EGP exchange rate, and naturally, the football.Some 21.6k expats have registered on the government\u2019s app to import cars since it launched on 15 November, Customs Authority boss El\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/421.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550163,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/17\/expat-car-import-scheme-could-raise-egp-50-bn-worth-of-fx-maait\/","url_meta":{"origin":577238,"position":5},"title":"Expat car import scheme could raise EGP 50 bn worth of FX -Maait","author":"enterpriseam admin","date":"17 October 2022","format":false,"excerpt":"A scheme to allow expat Egyptians to import cars into Egypt and draw back customs and other fees at a later date could raise USD 2.5 bn in FX: Expats could send some EGP 50 bn (c. 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